Best Corporate Governance Lawyers in Greece

About Corporate Governance Law in Greece

Corporate Governance in Greece refers to the system of rules, practices, and processes by which companies are directed and controlled. Greek corporate governance is shaped by both national legislation and best-practice guidelines, with an increasing focus on transparency, accountability, and the protection of shareholders' rights. Legal reforms, particularly after the financial crisis and Greece’s commitment to international standards, have modernized the corporate governance framework. The key goal is to foster sustainable business growth, prevent management abuses, and maintain investor confidence.

Why You May Need a Lawyer

Navigating corporate governance in Greece can be complex, making legal advice essential in several scenarios. You may need a corporate governance lawyer if you are:

• Establishing a new company and want to set up sound governance structures
• A shareholder seeking to protect your rights or resolve disputes
• Facing compliance audits or investigations regarding regulatory obligations
• Drafting or revising company bylaws, board charters, or codes of conduct
• Making significant business decisions such as mergers, acquisitions, or restructuring
• Dealing with board conflicts or questions of director liability
• Responding to demands from regulators or the Hellenic Capital Market Commission
• Managing stakeholder communications, disclosures, and reporting obligations

Legal professionals ensure your company operates within the law and help you minimize risks tied to non-compliance or poor governance.

Local Laws Overview

Greece’s corporate governance framework is defined primarily by national statutes and supplemented by codes of best practice. Here are some key laws and standards relevant for companies and advisors:

• Law 4548/2018 - The principal law regulating sociétés anonymes (SAs, the most common form of Greek company). It sets out requirements for boards of directors, general meetings, and shareholder rights.
• Law 4706/2020 - Updated the rules relating to corporate governance for listed companies, introducing new obligations for board composition, independence, and diversity.
• Greek Corporate Governance Code - Non-binding but widely followed code promoted by the Hellenic Corporate Governance Council, establishing best practices in board functionality, transparency, and stakeholder engagement.
• EU Directives - As a member of the European Union, Greece implements various EU directives concerning shareholders’ rights, disclosure requirements, and corporate reporting.
• Other regulations - Securities law, anti-money laundering provisions, and stock exchange rules may also affect listed companies and overall governance practices.

Most companies, especially those listed on regulated markets, must comply with these detailed governance requirements to avoid sanctions and reputational damage.

Frequently Asked Questions

What is corporate governance and why is it important in Greece?

Corporate governance is the system by which companies are directed and controlled. In Greece, it supports transparency, proper management, shareholder protection, and helps attract investment by building trust in how companies are run.

Which Greek laws regulate corporate governance?

The main laws are Law 4548/2018 for companies in general and Law 4706/2020 for listed companies. There are also codes of good practices and EU directives that apply.

Are all companies in Greece required to comply with the corporate governance code?

The Greek Corporate Governance Code is generally voluntary but is considered best practice, especially for publicly listed firms. Some principles become mandatory due to stock exchange requirements.

What are the main duties of company directors under Greek law?

Directors must act in the company's best interests, avoid conflicts of interest, safeguard company assets, and comply with statutory requirements for reporting and disclosures.

How are shareholder rights protected in Greece?

Shareholders have rights to information, participate in annual and extraordinary general meetings, vote on crucial matters, and bring legal action against directors for mismanagement.

What are the penalties for failing to comply with corporate governance obligations?

Penalties range from financial fines and court-ordered remedies to disqualification of directors and, for severe breaches, company suspension from the stock market.

Can foreign investors or shareholders participate in Greek company governance?

Yes, foreign investors enjoy similar rights and protections as Greek nationals, subject to some sector-specific restrictions for security or public interest reasons.

How is board independence ensured in Greek listed companies?

Law 4706/2020 and the Corporate Governance Code require a certain number of non-executive and independent directors, diversity measures, and detailed disclosure of board composition.

What disclosures are Greek companies required to make?

Companies must disclose financial statements, governance structures, related-party transactions, risk assessments, and corporate social responsibility initiatives if applicable.

How can a company improve its corporate governance practices?

Companies can follow the Corporate Governance Code, invest in board training, ensure transparent reporting, engage stakeholders, and seek legal guidance to review and upgrade policies regularly.

Additional Resources

Here are some useful organizations and resources related to corporate governance in Greece:

• Hellenic Capital Market Commission - The regulator responsible for overseeing listed companies and enforcing governance standards
• Hellenic Corporate Governance Council - Promoter of best practices and publisher of the Greek Corporate Governance Code
• Athens Stock Exchange - Sets listing rules and disclosures for public companies
• Ministry of Development and Investments - Oversees business and company law policy
• Professional associations, such as the Hellenic Association of Listed Companies or law society groups specializing in company law

Consulting these bodies or consulting their publications can provide updated insights and official guidance for businesses and individuals.

Next Steps

If you need legal assistance concerning corporate governance in Greece, consider the following steps:

1. Assess your company’s or personal situation and determine the specific issue or question you face
2. Gather relevant documents such as company bylaws, shareholder agreements, and board resolutions
3. Identify qualified Greek lawyers or law firms specializing in corporate governance and company law
4. Schedule a consultation to discuss your needs, ask about their experience, and agree on a work plan or fee structure
5. Follow up with your legal advisor and ensure you implement recommended steps to stay compliant and protect your interests

Getting professional legal advice helps you navigate the complexities of Greek regulations and fosters long-term business success.